January Seems
To Have Come
Early to Market

Gains Usually Seen in First Month
Already May Have Been 'Used Up';
Cautious Optimism Takes Hold

By

Peter A. McKayStaff Reporter of THE WALL STREET JOURNAL

Updated Dec. 29, 2003 9:15 am ET

Despite what the calendar says, it may already be January in the stock market.

December and January are both usually strong months for the market. But a number of analysts say the dynamics that usually drive the market at year end, then after Dec. 31, may have kicked off early this year. It is a phenomenon that investors are growing accustomed to seeing in recent years.